Translate

Follow by Email

Monday, February 22, 2010

The real estate market in South Lyon and Lyon Township, Michigan

The South Lyon and Lyon Township market is one of the few in the area where new building is still going on. It may have slowed quite a bit, but it is still going on in several big developments in the township and city. As you can see on the chart below, the trend in Median sale prices in South Lyon and Lyon Township appears to have bottomed out in the 4th Qtr. of 2009 and has been bumping along the bottom since then. Recently it even turned up again, with homes gaining a bit of value - a good sign of some stability in the market.


Real Estate Market Chart by Altos Research www.altosresearch.com

On the inventory front, the South Lyon and Lyon Township market is following the trend that I've seen in all of the local markets, with inventory falling throughout 2009 and into 2010 - another good sign, as that means that we are working off the foreclosure inventory overhang.

So far in February all four of the homes that have sold in this market were foreclosures or short sales and of the 23 that have sold thus far in 2010 80% were in that category. The median sold price so far in 2010 is $172,000 and homes have moved fairly quickly with an average for 2010 of only 77 days on market. That is a bit deceiving, since the average days on market for unsold homes is still 81 days at the low-end of the market (under $100K) and over 190 days for the upper end of the market (over $400K). There are 135 homes listed in this market right now at a median listed price of $199,700. The median listed price works out to be $80 per Sq Ft for this market, with the median sold price running right at $77 per Sq Ft.

To see all of the statistics that I collect and report on weekly for the South Lyon/Lyon Township market, go to my Milford Team website (link below). There are many more charts there, as well as the details on what has sold in that market thus far in February and for the year and years past.

****************************************************************************************************************

Norm Werner is a full-time, full-service Realtor working out of the Milford office or Real Estate One, Michigan’s largest and most successful real estate company. To learn more about Norm or the local real estate market in the Milford, Michigan area visit one of his Web sites listed below:

For buyers and sellers –
www.themilfordteam.com
For first-time buyers – www.MIHomeBuyer.com
For people moving to Milford, Michigan – www.MoveToMilford.com
For people in distress with their home – www.MIShortSales.net

For people interested in the history of Milford Michigan, visit
www.milfordhistory.org

No comments: